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  • 1.  Gift in Kind Refund Request

    Posted 08-05-2024 03:05 PM

    Has anyone been requested to return a donation that was a gift-in-kind?  Specifically a gift of art.  The donor passed away recently and the personal representative of the estate is asking for the art back under the impression that they were only "loaned".  We have documentation that would suggest it was a donation, not a loan.  BUT, if senior admins decide that we should give the art back to the estate, what would that process look like?  The donation was in 2010.  Would we have to have the art appraised, then given back with a 1099 stating current value?  

    Thanks!

    Michael



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    Michael Manning
    University of New England
    Mmanning6@une.edu
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  • 2.  RE: Gift in Kind Refund Request

    Posted 08-05-2024 04:14 PM
    You are on the right track. Of course, you are not obligated to return the gift. Your Gift Acceptance Committee - including representatives from Counsel and your CFO, will need to be involved.

    Once the family realizes they may need to pay taxes on the current value of the art, they might have second thoughts.

    John

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987